NPR (Nepalese Rupee)

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DEFINITION of 'NPR (Nepalese Rupee)'

The currency abbreviation or currency symbol for the Nepalese rupee (NPR), the currency of Nepal. The Nepalese rupee is made up of 100 paisa and is often represented by the symbol Rs or Rp. Nepal has three main currency exchange rates: the central bank rate (official), the private bank rate (more generous, but still legal), and the black market rate (set by shops and travel agents - more generous still, but illegal).

INVESTOPEDIA EXPLAINS 'NPR (Nepalese Rupee)'

First introduced in 1932, the Nepalese rupee replaced the Nepalese silver mohar at a rate of 2 mohar to 1 rupee. In 1993, the Neplaese rupee was pegged to the value of the Indian rupee.